Mortgage denied? State offers second opinion – Lowell Sun

Mortgage denied? State offers second opinion – Lowell Sun
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Question: My mortgage loan application was denied, because the mortgage broker claims that the loan-to-value ratio is too high. He always confuses me with technical terms and jargon. I really didn’t trust him. If I wanted a second opinion, should I start over with a new mortgage broker?

Answer: So, you are looking for a second opinion without having to go through the hassle of starting from scratch. You have another option: the Massachusetts Mortgage Review Board.

The Massachusetts Division of Banks has created a group of lenders and community leaders to provide an independent and unbiased review of borrowers who feel their loan applications are being denied on an unreasonable basis. If you ask for their review, you won’t have to duplicate your efforts. Your ex-mortgage broker should submit all information to the board for review. Depending on how busy they are, you may get an answer within 45 days either agreeing or objecting to your refusal.

If the board of directors disagrees with your mortgage broker’s opinion, you may have hope. The board of directors can ask the mortgage broker to reconsider its denial. If the board doesn’t make a decision in your favour, you can always get a third opinion from a judge. There are options for filing a lawsuit in cases of unreasonable or discriminatory denials.

You can access more information at and search the site for the Mortgage Review Board.

Attorney James Harutunian practices estate planning and real estate law in Billerica at 790 Boston Rd. Contact him to start an estate plan or to ask questions at,, 978-671-0711, or email him at

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